RPT-Fitch: Recoveries on liquidated U.S. CMBS hit stumbling block
Sept 6 (Reuters) - (The following statement was released by the rating agency)
The recovery rate on liquidated U.S. CMBS loans suffered a fairly sizeable setback last quarter, dipping to 60.5% for second-quarter 2013 (2Q'13), compared to 71.4% in 1Q'13, according to the latest quarterly index results from Fitch Ratings. '30 CMBS loans had 95% or greater losses last quarter, while 16 of those loans saw losses of 100% or greater,' said Managing Director Stephanie Petosa.
Broadly speaking, the data shows the entire specially serviced CMBS loan universe continuing to gradually fall. CMBS loans in special servicing fell to $60.1 billion for 2Q'13, compared to $64.2 billion at the end of 1Q'13. 'The percentage of CMBS loans in special serving remains at 9%, a significant decrease from the peak at 12% in 2010,' said Petosa.
The U.S. CMBS Special Servicing Index is part of Fitch's series of quarterly structured finance index reports. The latest report is available at 'www.fitchratings.com' or by clicking on the above link.
Link to Fitch Ratings' Report: CMBS Special Servicing Index â€“ U.S.A.
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